Don’t spend another full decade worrying about money. Instead, make changes now so that you can sit pretty during your next age milestone. Here are six things to do financially before your 30th birthday:
Stop jumping the gun.
- Emotional spending can be healing…for a very brief moment. If you have a habit of splurging as a way to relieve stress or even of shopping impulsively, now is the time to make a change. Work on gaining self-control and ask yourself the following:
- Will this be important to me in six months (or, let’s face it, next week)?
- Is this a necessity right now?
- Do I already have something like this? And does it really need replaced?
- It’s also important to make financial decisions based on your life and not on others. Buying a home or a new car may be right for your friends, but it doesn’t mean it is the right time for you to make these big purchases. Don’t put yourself in a situation now that is going to hurt your bank account for years to come, especially one that your salary won’t afford you. Slow and steady wins the race…so does being self-disciplined.
Relieve your bad debt.
- Some debt is worse than others, and credit card debt can really hurt financially if you fail to make payments on time and continuously only pay the minimum balance. If you have student loan debt, it’s important to work toward decreasing this amount as well, but interest on credit cards are often higher than that of student loans. Credit card debt is overall very expensive, and so working down this financial obligation first will be very helpful before you hit dirty 30.
Start paying yourself first.
- Starting to build a foundation for yourself now will help to strengthen your future (and make it easier to make those big purchases). As you are propelled increasingly into adulthood with all the challenges that comes with it, you may face some big financial issues. Having a fund to back you up in times of trouble, though, will keep you afloat instead of sending you backward. Paying yourself first creates that stability when the going gets rough.
Stop putting off budgeting.
- Having a budget is important for obvious reasons. We know you’ve heard it before, but how well do you follow through? Budgeting doesn’t have to be complicated; it all goes back to having that self-control and keeping your eye on that prize (financial stability). Here are some simple ways you can create a budget for yourself today.
Learn about investing.
- Maybe you won’t be investing in stock by the time you are 30, but it would be wise to at least have an understanding of it. Tackle one thing at a time, but put some serious thought into investing. This action can really make your money go farther if you do it right and keep up with it.
Start insuring yourself.
- Life insurance, rental insurance and disability insurance are all ways you should insure yourself before you hit 30. This is one of those things you don’t really think about doing while in your 20’s, but anything can happen to us at any time. As a full-blown adult, it’s time to start protecting yourself, your family and even your assets.
Hopefully, you’re feeling inspired enough to get started. What are you waiting for? Your 30th birthday will be here before you know it.
Do you have any tips on things you should do before you turn 30? Let us know in the comments.